Coinbase files to list single-stock perpetual futures on Apple, Tesla and Nvidia

Coinbase has filed with the CFTC to list single-stock perpetual futures on major U.S. equities like Apple, Tesla, and Nvidia, aiming to bring a popular crypto trading instrument to the domestic stock market. The filing triggers a 45-day regulatory review ending November 2, 2026. While Coinbase seeks joint CFTC-SEC jurisdiction, CME Group is actively suing the CFTC, arguing these contracts are swaps. The move sparked an 11.7% jump in Coinbase stock.

Coinbase single-stock perpetual futures filing

• ▪Coinbase Derivatives filed Submission 2026-62 with the Commodity Futures Trading Commission on September 18, 2026, to list cash-settled single-stock perpetual futures in the United States
• ▪Crypto.com founder Kris Marszalek announced on September 17, 2026, that the Securities and Exchange Commission acknowledged the registration of Crypto.com's OG.com futures exchange to offer single-stock perpetuals
• ▪Coinbase's stock price rose 11.7% to close at $194.25 on September 18, 2026, following Coinbase's announcement that its Coinbase Derivatives exchange had filed with the CFTC to list single-stock perpetual futures on individual U.S. stocks
• ▪Coinbase plans to launch approximately 50 to 60 single-stock perpetual futures contracts, including Apple, Microsoft, Tesla, and Nvidia, potentially later in 2026

Perpetual futures contract mechanics

• ▪Perpetual futures track an asset's price with no expiration date, using hourly funding payments between long and short positions to stay aligned with the spot price
• ▪Holding a single-stock perpetual future confers no shareholder rights, dividends, or ownership of the underlying equity, providing only price exposure
• ▪The Apple perpetual futures contract proposed in Coinbase Derivatives' CFTC filing covers 0.01 of a share, representing approximately $2.25 of exposure at the filing's example price of $225.10

Offshore crypto perps demand

• ▪Ostium co-founder Kaledora Kiernan-Linn stated that much of the demand for perpetual futures has concentrated on decentralized venues with billions in daily trading volume
• ▪Coinbase International Exchange launched offshore stock perpetual futures in March 2026, offering up to 10x leverage on Magnificent Seven stocks to eligible non-U.S. traders

CME jurisdictional lawsuit dispute

• ▪CME Group sued the Commodity Futures Trading Commission and its chairman Michael Selig on June 18, 2026, arguing that perpetual contracts with no expiry are swaps rather than futures
• ▪The Commodity Futures Trading Commission filed a motion to dismiss the CME Group lawsuit on September 2, 2026, characterizing the legal challenge as 'much ado about nothing.'

Leverage risks for traders

• ▪James Sixsmith stated that the biggest losers in morning trading are typically those who trade the largest sizes and with the highest frequency
• ▪Take Profit Trader CEO James Sixsmith warned that trading large sizes with high leverage on volatile events like Nvidia earnings is akin to gambling

Debatable claims

• ▪The CFTC should approve single-stock perpetual futures
• ▪The CFTC should classify perpetual contracts as swaps